1. Any system of full registration with respect to an issue of public securities may be: (a) A system pursuant to which only certificated public securities are issued; (b) A system pursuant to which only uncertificated public securities are issued; or (c) A system pursuant to which both certificated public securities and uncertificated public securities are issued. 2. The issuer may discontinue and reinstitute either system, from time to time, if one type of system or the other type is regularly maintained at all times with respect to the issue. 3. The system may be established, regularly maintained, amended, discontinued or reinstituted for the issuer by an official or official body. 4. Any such system must be described in the official actions which provide for original issuance, and in subsequent official actions providing for amendments, supplementation and other matters from time to time. The description may be by reference to a program of the issuer which is established by the official or official body. 5. Any such system must define the method or methods by which transfer of the public securities is effective with respect to the issuer, which method or methods are exclusive, substantial compliance being essential to a valid transfer, and by which payment of principal, any prior redemption premium and any interest are made. The system may also provide for the form of any certificated public securities, for differing record and payment dates, for varying denominations and for accounting, destruction of cancelled certificates and other incidental matters. 6. Under a system pursuant to which both certificated public securities and uncertificated public securities are issued, both types of public securities may be regularly issued, or one type may be regularly issued and the other type issued only under described circumstances or to particular described categories of transferees. Under a system pursuant to which uncertificated public securities are regularly issued, provision may be made for registration of pledges and releases. 7. The system may include covenants of the issuer as to amendments, discontinuances and reinstitutions, and the effect of these on the exemption of interest from the federal income taxation provided for by the Tax Code.
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